What do Rolex, Lego and Hallmark have in common? According to 2017 data from the Reputation Industry, they’re three of the five most reputable companies in America. Their placement is a combination of nostalgia, corporate responsibility and a willingness to focus on reputation strength.
Today’s online shoppers have a considerable hold on brands. From small and medium-sized businesses to large corporations, the power of social media and online review sites has meant a distinct shift in power to consumers when it comes to brand reputations. Customers are now powerful enough to make or break companies via their online feedback.
Brands are increasingly waking up to this new reality and doubling down on reputation monitoring and management as an essential component of their growth strategy. Failure to engage in reputation management can be disastrous for brands, regardless of their business’ size. The ability to successfully build a strong brand reputation comes down to a number of factors:
Brand Transparency
How open your business is with consumers and vendors, both with good news and bad?
Social Good
How does your business give back to the community and contribute to making the world a better place, even if just in a small way?
Integrity
Can consumers and business partners trust your company, both in the quality of products/services you offer and your brand communications?
Inspirational Branding
Does your company’s branding make the public feel better/want to do better/think better of your business?
Staff Treatment And Happiness
Are you treating your staff with respect and fairness, or does your company have a public facade and an entirely different persona when it comes to staff treatment?